Frightening bank hack shows need for better security

by The Manila Times

Dec 15, 2021 12:07 am

THE large-scale scam that saw dozens and possibly hundreds of Banco de Oro (BDO) customers' accounts robbed last weekend was frightening for any bank customer even those whose accounts remained safe. While the banks involved and the relevant authorities at the Bangko Sentral ng Pilipinas (BSP) quickly offered all the right assurances and have apparently begun the appropriate investigative and remedial steps in response to the incident, we believe that more needs to be done to prevent similar or even worse crimes.

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